Berjaya Media fails to find white knight, to be suspended on Nov 5

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KUALA LUMPUR (Oct 25): Berjaya Media Bhd has failed to find a white knight to regularise its financials, resulting in the suspension of the trading of its securities starting next Tuesday (Nov 5).

In an exchange filing today, the group, which publishes theSun newspaper, said it could be delisted subsequently on Nov 7, unless an appeal against the delisting is submitted before the date of suspension.

“Berjaya Media has failed to [enter] into a definitive agreement with a proposed white knight by Oct 20, 2019, as stipulated in Bursa Securities’ letter dated June 25, 2019 and the company's application for a further extension of time to enter into the definitive agreement and to submit its regularisation plan to the relevant authorities for approval had been rejected by Bursa Securities,” read the filing.

The group, in which tycoon Tan Sri Vincent Tan holds a 38.9% stake, will continue to exist as an unlisted entity upon the delisting, and that it will still be able to continue its operations and business, as well as proceed with its corporate restructuring and rewarding of its shareholders, according to the announcement.

Shares in Berjaya Media, which lapsed into PN17 status in June 2017,  were not traded today. The stock was last done at 20.5 sen on Oct 23, for a market capitalisation of RM48.19 million.

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